78S20039 SMJ-F


By:  Swinford                                                     H.B. No. 21 



A BILL TO BE ENTITLED

AN ACT

relating to the standard for investing assets of the Texas County 
and District Retirement System.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:                        
	SECTION 1.  Section 845.301(a), Government Code, as amended 
by H.B. No. 2240, Acts of the 78th Legislature, Regular Session, 
2003, is amended to read as follows:
	(a)  The assets of the retirement system shall be invested 
and reinvested without distinction as to their source in accordance 
with Section 67, Article XVI, Texas Constitution.  For purposes of 
the investment authority of the board of trustees under Section 67, 
Article XVI, Texas Constitution, "securities" means any investment 
instrument within the meaning of the term as defined by Section 4, 
The Securities Act (Article 581-4, Vernon's Texas Civil Statutes), 
15 U.S.C. Section 77b(a)(1), or 15 U.S.C. Section 78c(a)(10).  
Investment decisions are subject to the standard provided in the 
Texas Trust Code by Section 117.004(b) [Sections 117.004(a)-(c)], 
Property Code.
	SECTION 2.  This Act takes effect January 1, 2004.